Trade Me Property says the Auckland housing market has gone "mad," with the average asking price for Auckland homes listed for sale on the website hitting $773,350* in three months to June.
In the rest of the country (everywhere excluding Auckland) the average asking price was $404,550 in the three months to June.
The average asking price for Auckland homes has increased by $130,950 (20.4%) in the 12 months to June, while for the rest of the country the average asking price increased by just $13,950 (3.6%) over the same period.
The head of Trade Me Property, Nigel Jeffries, said the country clearly had a two speed property market.
"The Auckland Effect is casting a huge shadow over the residential property market as a whole as it continues to go mad," he said.
"The fact that the average asking price in Auckland has increased ten times faster than the rest of the country makes it clear that New Zealand property can no longer be thought of as a single market: it's Auckland on one hand and the rest of New Zealand in the other."
The average asking price in Auckland rose by $25,000 between May and June, giving a 3.5% increase in a single month.
"The record books are changing constantly in Auckland and it shows no slowing down. This is the tenth consecutive month of record highs for the city," Jeffries said.
But outside of Auckland it was a different story, with the average selling price declining by 2% between May and June.
The average asking price for stand along houses in Auckland was $834,300 in the three months to June, compared to $412,050 for the rest of the country, which means on average a house in Auckland is just over twice as expensive as the rest of New Zealand.
The average asking price for a stand alone house was $456,350 in Wellington and $478,850 in Christchurch.
The average asking price for other types of homes in Auckland (apartments, units and townhouses) was $560,000 in the three months to June, compared to $350,600 in the rest of the country, $379,000 in Wellington and $387,050 in Christchurch.
*Trade Me Property's quoted asking prices are a three month rolling, 80% truncated mean, which excludes the upper and lower decile prices.
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